Google For Startups (GfS) recently unveiled the 25 African-based startups that have been chosen to receive funding from this year's $4 million Black Founders Fund. The cohort comprises a total of 40 startups from Europe and Africa, with a strong focus on 25 African startups that truly epitomize the diverse entrepreneurial spirit prevailing across the African continent.
Championing Women in Africa's Startup Ecosystem
A remarkable 72% of the selected startups are led or co-founded by women, shedding light on the pivotal role women play in shaping Africa's vibrant startup ecosystem. This impressive representation underscores the importance of empowering women entrepreneurs and fostering their contributions to Africa's economic growth.
Each of the selected startups will receive substantial support to fuel their growth. This includes non-dilutive cash awards of up to $150,000, access to up to $200,000 in Google Cloud credits, advertising support, personalized mentoring by industry experts, and invaluable networking opportunities within Google's extensive network.
Empowering Africa's Startups and Fostering Economic Growth
The funding provided through the Black Founders Fund will offer these startups the necessary capital to propel their ventures to new heights and expand into untapped markets. By supercharging economic opportunities and facilitating job creation, this initiative aims to nurture Africa's startup ecosystem and contribute to its transformation into a global tech leader. Recognizing the recent decline in tech investment in Africa during 2023, Google for Startups believes that this injection of funds is vital for sustaining growth and fostering the development of innovative solutions that address Africa's most pressing needs.
These selected startups have been chosen based on their impactful contributions to a wide range of sectors. From providing accessible healthcare and efficient logistics solutions to revolutionizing fintech, they harness the power of technology to tackle some of Africa's most pressing challenges. Through their endeavors, these startups demonstrate the potential for technology-driven solutions to make a significant and positive impact on the lives of people across the continent.
The Black Founders Fund: Addressing Racial Inequality in Venture Capital
Now in its third year, the Black Founders Fund strives to combat systemic racial inequality in venture capital funding. It achieves this by providing equity-free grants and mentoring to early-stage, Black-led, high-growth businesses in Europe and Africa. Since its inception, the program has catalyzed over $205 million in investor conversations, representing a staggering 12-fold increase. As a result, the participating startups have experienced substantial growth, with their combined monthly recurring revenue soaring past $6.1 million, marking a remarkable 7% increase.
African Startups Selected for Funding
Here are the African startups, including those from Nigeria, that have been chosen to receive funding through the Black Founders Fund:
•Akoma Health (Nigeria): Akoma Health is a tech platform that provides accessible and culturally conscious mental health services across Africa.
•Fez Delivery (Nigeria): Fez Delivery is a last-mile logistics platform catering to various industries.
•Evolve Credit (Nigeria): Evolve Credit offers Software-as-a-Service (SaaS) solutions for digitizing and managing banking services.
•Herconomy (Nigeria): Herconomy is a female-focused fintech company aiming to become Africa's first women's bank.
•MDaaS Global (Nigeria): MDaaS Global leverages technology to establish tech-powered diagnostic centers that offer affordable healthcare.
•My Pocket Counsel (Nigeria): My Pocket Counsel is a legal tech platform that simplifies contract generation and management.
•Orda (Nigeria): Orda is a pan-African neobank catering to the restaurant industry, providing cloud-based software solutions.
•Periculum (Nigeria): Periculum is a data company that assists with credit assessment and fraud/churn risk evaluation.
•Raenest (Nigeria): Raenest is a fintech company offering global financial services to freelancers and startups in Africa.
•TruQ (Nigeria): TruQ streamlines mid-mile logistics across Africa through third-party vehicle connectivity.
•BezoMoney (Ghana): BezoMoney is a digital banking platform designed for Africa's underbanked population, accessible via mobile and web platforms.
•Chargel (Senegal): Chargel is a digital trucking platform that connects shippers and carriers in Francophone West Africa.
•Charis UAS (Rwanda): Charis UAS provides 3D geospatial data using drone technology.
•Excel At Uni (South Africa): Excel At Uni supports student funders through digital services.
•EzyAgric (Uganda): EzyAgric utilizes AI-powered mobile technology to enhance Africa's farming sector.
•Fleetsimplify (Kenya): Fleetsimplify is a monetization platform that connects gig drivers and vehicle owners.
•HealthDart (South Africa): HealthDart is a digital health maintenance organization (HMO) offering end-to-end health services with insurance.
•Jumba (Kenya): Jumba aims to improve Kenya's construction sector supply chain through its B2B platform.
•Ridelink (Uganda): Ridelink is an e-logistics platform providing shipping services with real-time tracking.
•Susu (Côte d'Ivoire): Susu is a health platform that provides healthcare services and insurance funded by the African diaspora.
•Talamus Health (Ghana): Talamus Health offers tech solutions that target healthcare inefficiencies in Africa.
•Tushop (Kenya): Tushop is a tech platform that enables group buying of daily essentials in Kenya.
•Uzapoint (Kenya): Uzapoint provides mobile/web point-of-sale (POS) solutions to digitize bookkeeping in Africa's informal sector.
•Zinacare (South Africa): Zinacare is an online platform that offers accessible and affordable healthcare services.
•Zydii (Kenya): Zydii provides localized digital training solutions for African SMEs, helping them enhance their skills and knowledge.